The 61-year-old Qatari will finally address the issue at the AFC's headquarters in Kuala Lumpur at the end of the week, the AFC said on Monday.
Bin Hammam has dropped several hints over the past three months that he might challenge Swiss incumbent Blatter for football's top job at the FIFA Congress in Zurich on May 31 and June 1.
The deadline for declaring an intention to run is March 31.
Last week Bin Hammam, who was sworn in unopposed for a third and final term as the head of Asian football in January, said he was happy with the support from five of FIFA's six confederations but was unsure about European support.
"I am happy with most confederations, but I don't know about Europe and how they will deal with my candidacy," he said in on his Twitter account.
"Europe is the core of football. I would like now to make a real assessment in Europe. "
Blatter, 75, currently has no competition as he seeks a fourth term as the head of world football.
The pair endure a frosty relationship, having once being considered strong allies, with Bin Hammam being critical of Blatter's management in recent months.
